Financial Stress

Pre-planned Bankruptcy – Your Solution

“Pre-planned Bankruptcy” is the solution to clear your debts and to regain financial control. Contact us today to discuss the solution for you.

The possibility of a fresh start

The primary purpose of bankruptcy is to allow for a reasonable distribution of a bankrupt’s (liquidated) assets among creditors.

However, the second purpose of bankruptcy law is that it relieves an individual in a difficult or desperate financial situation from financial stress and the pressure of creditors and provides the chance to make a fresh financial start.

Knowledge is power – You have options

If you are facing bankruptcy, there are options available to you. These options are not widely publicised. The reason for this is that bankruptcy trustees and banks do not benefit by informing you of your choices. Bankruptcy trustees and banks make their money by taking yours – by selling your property and other assets – in bankruptcy this is known as ‘asset realisation’. The truth of ‘realisation’ is that your assets are sold and converted into cash and that cash is often conveniently matched to the fees of the bankruptcy trustee. The bankruptcy trustees and the banks want it to be easy for them, retrieving your assets and income to reimburse their fees.

Unmanageable debt – Compare your options YouTube video

Are you struggling with unmanageable debt? Watch this quick AFSA video to help you start considering options to deal with debt.

Never was there an area as misunderstood as bankruptcy
You can legally secure your interests

If you are being pursued by creditors, under pressure from banks and feel you are unable to meet your payments when they fall due, then a pre-planned bankruptcy could be your best option. We work with you to legally protect your interests. We work with you to file for bankruptcy on your terms – through a ‘Debtor’s Petition’. This allows you to choose your bankruptcy trustee. We will negotiate your interests with the trustee so you can secure them legally.

If on the other hand, a creditor files a bankruptcy petition against you, that creditor will have chosen their preferred bankruptcy trustee, the result of which is that they will pursue you aggressively in an attempt to recover their fees.

The advantages of bankruptcy – misconceptions

Bankruptcy is not advertised in the mainstream media – people will not know that you have become bankrupt.

In some circumstances, with careful planning, the family home can remain in the family.

You can keep a car.

Household items are protected.

You can earn income – in fact, you will have more ‘available’ income.

You can travel.

Most of your debt will be wiped out.

Creditors will stop contacting you.

Stress levels will be reduced.

‘Debt Free’ Firms – Danger ahead

The ‘debt free’ firms are skilled and practised at praying upon your fears. They make claims that they will take away your stress, stop the debt collectors and end your financial hardship. You should read the fine print very carefully before signing up with ‘Debt Free’ firms. We recommend your first step is to seek the advice of a financial counsellor before you consider executing a Debt Agreement. Financial counsellors provide a free, community-based service.

Personal Insolvency Agreements and Debt Agreements

Personal Insolvency Agreements and Debt Agreements are both formal agreements between an individual and their creditors in which the parties come to an agreement regarding the repayment of debt. While they are similar agreements, there are few special conditions set for an individual wanting to enter into a Personal Insolvency Agreement.

Think carefully before entering into these types of agreements – the consequences in the event of failure can be serious.

Pre-planned Bankruptcy is the solution to clear your debts and to regain financial control.